Stocks closed lower on Monday as investors weighed fluctuations in the dollar and its impact on the market, including crude oil prices. Bobbi Rebell reports.
A late session sell-off wiped out session gains on Monday, sending U.S. stocks to close in the red- after energy stocks retreated on oversupply worries and the dollar dipped. There are still reasons to be bearish about the prospects for crude prices, which has been hit hard by the global glut says Stephen Wood of Russell Investments. SOUNDBITE: STEPHEN WOOD, CHIEF MARKET STRATEGIST, RUSSELL INVESTMENTS (ENGLISH) SAYING: "The big players right now are Saudi Arabia clearly and the United States. The US production has been rapid. It's been fast. It's also been significant." Energy demand is hurting Kansas City Southern, causing its shares to skid. The railroad operator cut its full-year revenue forecast due to slower carload growth, citing the energy sector. Among the biggest gainers on the S&P: Tenet Healthcare. The hospital operator is forming a joint venture wtih United Surgical Partners International. Together, they'll become the largest U.S. provider of ambulatory surgery. Also up: Staples. UBS upgraded the office supplies retailer to "buy" from "neutral." It believes Staples has a 65 percent chance of having regulators bless their proposed merger with rival Office Depot. Two stocks getting upgrades: Raymond James upped Genworth Financial to "strong buy" from "outperform." It says the life insurer has several ways to boost its value, including a breakup of the company and a sale of its Australian mortgage insurance business. On the downside: Lululemon. Canaccord Genuity cut its price target. It predicts the company will issue a cautious forecast because of its weak start this year. In economics news, existing Home sales bounced back modestly last month, but economists fear high prices may turn off potential buyers. European shares took a step back. The euro's rebound drove investors to sell auto stocks. British stocks closed flat.